Which Of The Following Is A Type Of Listing Agreement That Is Not Permitted In Virginia

Note: These definitions are provided to facilitate the categorization of entries in MLS compilations. In any area of conflict or inconsistency, the laws or regulations of the State take precedence. While state law allows brokers to list properties exclusively or openly without establishing an agency relationship, offers should not be excluded from MLS compilations because the listing broker is not the seller`s agent. (Adopted on 11.93., amended on 5.06.) M One of the main operations of real estate is the listing of a property. But what does this really mean? A registration contract is „a legally binding contract that establishes an agency relationship that authorizes a broker to act as a broker for a principal in a real estate transaction.“ In other words, a registration contract is an employment contract between a client and a broker that determines what the broker is responsible for in the real estate transaction and how the client will compensate them. Violation of this agreement may have legal consequences for the broker or client, depending on who breaks which part of the agreement. However, registration agreements must be in writing to be enforceable. B. If licensee currently represents a party as a representative of an agent or independent contractor and that party wishes to conduct a real estate transaction with another existing customer represented by Licensee, Licensee may make double representation provided that prior to the commencement of such party, the disclosure required by this section is made to both of Licensee`s existing customers. . .

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